UK house prices climbing towards an average of £300,000

Average house prices increased 15.5% over the year to July 2022. This is the highest annual inflation rate the UK has seen since May 2003. The average house price in the UK is £292,000.

Most experts predict a slowdown in property price inflation in 2023

In part this is because of higher mortgage interest rates

But new supply remains low

And many regard property as their safest investment especially during these uncertain economic times

Affordability continues to worsen for first-time buyers

The long view - UK house prices as a multiple of median income:

• 1952: 4.5
• 2022: 9.7